Part 3: Ratios (20 marks) The Sundog Brewery reported the following financial data for the last four years: Account 2017 2018 2019 2020 Cash $47,000 $53,000 $59,000 $45,000 AIR $37,000 $25,000 $22,000 $31,000 Merchandise inventory $16,400 $25,400 $31,000 $33,500 Long-term assets $233,600 $343,600 $445,000 $475,500 Current liabilities $52,000 $67,500 $73,000 $78,500 Long-term liabilities $208,000 $246,080 $336,160 $354,240 Common stock (5,000 shares) $112,000 $120,000 $123,000 $136,000 Retained earnings $17,000 $13,420 $19,340 $21,260 Total liabilities and shareholders' equity $389,000 $452,000 $557,000 $590,000 Net sales revenue $625,000 $743,000 $871,000 $994,000 Cost of needs sold $398,000 $528,000 $516,000 $615,000 Gross prot $227,000 $220,000 $355,000 $379,000 Sellinglgeneral expenses $43,900 $54,700 $60,500 $66,300 Net income before interest and taxes $119,000 $163,000 $237,000 $310,000 Interest expense $22,700 $25,600 $24,000 $29,700 Net income before taxes $96,300 $142,400 $213,000 $230,300 Required: 1. Calculate the following ratios for the 2013, 2019, and 2020 years. (1.5 marks each; 15 marks) a. Current ratio b. Rate of return on stockholder's equity c. Rate of return on total assets d. Days in receivables e. Inventory turnover f. Accounts receivable turnover g. Asset turnover h. Earnings per share i. Debt ratio j. Times interest earned 2. Briefly analyze each ratio. What conclusions would you draw from the ratio analysis